Liberty is South Africa’s leading writer of new individual Risk business
18 November 2013 | Company News & Results | Liberty | Liberty
International reinsurer, Swiss Re, has confirmed Liberty’s continued dominance as the leading writer of new individual Risk business by annual premium and by sum insured for the 2012 financial year.
Liberty’s individual Risk business retained its status as the leading writer of new business by annual premium and sum insured for the 2012 financial year.
This status was confirmed by Swiss Re’s 2012 Individual Risk Market New Business Volume Survey released this month.
"Our individual Risk offering, with its flagship product Lifestyle Protector, has consistently recorded the biggest market share for new business by sum insured for the last 10 years,” says Nicholas van der Nest, Divisional Director for Risk Products at Liberty.
Furthermore, Liberty increased its market share for new business by 2.4% year on year from 2011 to 2012.
Swiss Re, an international reinsurance group, conducted the survey which equips participants with a comprehensive report of major trends in new risk business sales and overall market share. The report clearly points towards Liberty’s continued dominance within this space.
Covering new business written between 1 January 2012 and 31 December 2012, the 2012 Individual Risk Market New Business Volume Survey incorporated a total of 18 participants and indicated that Liberty increased total volumes within this environment by 12% during 2012 – compared to an average of just 5% amongst other respondents.
"This confirmation reinforces Liberty’s position as one of South Africa’s foremost providers of long-term insurance products and echoes our commitment to making a real difference for our customers,” adds Liberty Retail CEO, Stephen Braudo.
Braudo adds that customer centric innovation continues to be at the forefront of Liberty’s growth strategy. He says accolades of this nature further confirm that the business is moving in the right direction.
The support of Liberty’s broker community also cannot be underestimated, adds Braudo.
"We have enjoyed a significant showing of support from the South African broker community over the years. There is no doubt that this is as a result of this support and partnership, and we certainly look forward to further strengthening this dominance over the next years, concludes Braudo.
